Africa Specialty Risks Syndicate 2454 is operating through its service company in the Dubai International Financial Centre.
Africa Specialty Risks (ASR) has announced that ASR Middle East has begun operating as a Lloyd’s service company, allowing it to underwrite business in Dubai on behalf of ASR Syndicate 2454, the first African focused syndicate at Lloyd’s.
The re/insurer said that ASR Middle East has an appetite for MEA business produced in the region and will also service Middle Eastern interests in Africa.
ASR, the pan-African and Middle East focused re/insurance group, set up the first Africa-focused Lloyd’s syndicate in London, announced earlier in 2024.
Syndicate 2454 plans to write £70m gross premium by year’s end, focusing on ASR’s existing lines of business. Africa has previously made up only 2% of all Lloyd’s business.
Zouheb Azam (pictured), senior executive officer of ASR in Dubai said: “Utilising ASR Syndicate 2454’s capacity from Dubai is a significant step for ASR to service the insurance industry in both the Middle East and Africa from the DIFC.”
Earlier this year, ASR opened an office within the Dubai International Financial Centre (DIFC), the global financial hub for the Middle East, Africa, and South Asia region.
ASR Middle East said it was solidifying its ties in the UAE and wider region, where the group has been writing business since February 2022.
The Dubai office adds to ASR’s established presence in London, Mauritius, Bermuda and Morocco.
Alongside it’s Lloyd’s paper, ASR Middle East provides corporate and specialty covers across its business lines.
The company said its ability to write on its own Lloyd’s paper in Dubai “further enhances its capability to deploy specialist capacity and reduce the insurance gap”.
“This announcement represents yet another incredibly important milestone for us,” said Amit Khilosia, chief distribution officer of ASR.
“It enhances our distribution bandwidth and with a local approach to underwriting in Dubai it will significantly broaden our reach by providing direct, efficient access to our products and blended capacities to clients,” Khilosia said.
Mikir Shah, CEO of ASR, commented: “It is incredibly exciting for us that ASR Syndicate 2454 is now able to offer Lloyd’s solutions and robust security through our Lloyd’s service company in Dubai.
“We have built up an exceptionally strong team of underwriters in London and Dubai, and this milestone enables us to better serve all of our clients, increasing the amount of specialist capacity that is available in the region.”
Andrew Woodward, Lloyd’s regional head for Middle East and Turkey, added: “Lloyd’s Dubai is delighted to welcome Africa Specialty Risks to the DIFC.
“Their expertise and unique access to the African market will add strength to our regional offering by enhancing risk mitigation solutions available for local and global businesses.”
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